Post Utme Futa 2023 Economics Question 40

Practice objective / multiple choice question 40 from the 2023 Post Utme Futa Economics examination.

Post Utme Futa 2023 Economics Objective / Multiple Choice

Question 40 POST_UTME_FUTA • 2023 • ECONOMICS • objective

A firm is facing a demand curve for its product given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. The firm's total revenue function is given by TR = PQ. U\sing the concept of elasticity of demand, explain why the firm might choose to decrease the price of its product.

A. The firm wants to increase its total revenue.

B. The firm wants to decrease its total revenue.

C. The firm wants to increase its elasticity of demand.

D. The firm wants to decrease its elasticity of demand.

Correct Answer

N/A

This is Post Utme Futa 2023 Economics Question 40. It is one of the objective questions from the 2023 Post Utme Futa Economics examination.

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